I started a short term rental property management company

[Scott E.]

As some of you guys know, I've been doing deals out here in Scottsdale for the last ~13 years. I've done a few dozen flips, a couple spec builds, bought and sold 3 short term rentals, bought and sold 2 long term rentals, and bought and sold a few commercial deals.

I love what I do but the lately I've been craving adding something else to my plate that is more service based (but still related to real estate). Building homes is fulfilling and lucrative but I often feel like my days are spent just chasing down contractors and materials, and pointing out everything that is wrong with work that has been completed.

Over the last ~6 months I thought long and hard about all my options. Do I start a landscaping company? Buy a pool route? Start an HVAC company? An interior design business? Become a broker? The list went on and on...

Well I landed on short term rental property management, and I'm stoked to report that since the start of the year I have:

1. Established the LLC, EIN, business checking, business insurance, accounting, etc (all the boring stuff)

 2. Got educated on all the latest softwares, management systems, and automation programs (dynamic pricing, automating cleaning, automating messaging, etc).

 3. Organized my team (cleaners, handymen, pool maintenance, landscapers, etc)

And after all of that, I have officially onboarded my first client, and just hosted my first guest! (who left a 5 star review, wahoo!)

No doubt the Scottsdale market is very saturated with short term rentals, but it is obvious to me that the underperforming properties are homes that are not designed properly, not photographed properly, not optimized properly, and not priced properly.

I'm also fully aware of the mountain of headaches and heartaches that will come with running a business like this.. but I'm here for the challenge.

Shout out to BP because a big part of what motivated me to take this journey and where I got a lot of the education needed to do this is via a weekly mastermind that I'm a part of that I found through a post in this community a few years back.

Anyways, not sure who cares or if anybody out there has any thoughts, questions, comments etc. But I'm very stoked about this new chapter in life and wanted to come back to share my story! Hopefully it'll motivate somebody else who has been on the fence about starting a new business or doing their next deal.

[Account Closed]

Scott congratulations, learning from others, and in this industry many are happy to help, is certainly the best way forward. Just remember email and phone data is the best to help you build an independent direct booking presence. The earlier you start collecting this data the better. I’ve been using Emailcollect and get email addresses from everyone that stays in my properties.